Mengis Capital Management Inc. Sells 11,382 Shares of Chevron Corporation $CVX

Mengis Capital Management Inc. decreased its stake in Chevron Corporation (NYSE:CVX) by 11.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 91,768 shares of the oil and gas company’s stock after selling 11,382 shares during the period. Chevron makes up 2.8% of Mengis Capital Management Inc.’s portfolio, making the stock its 4th largest holding. Mengis Capital Management Inc.’s holdings in Chevron were worth $13,140,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Harvest Fund Management Co. Ltd boosted its stake in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP acquired a new stake in Chevron during the first quarter worth $31,000. Cloud Capital Management LLC acquired a new stake in Chevron during the first quarter worth $39,000. Investment Management Corp VA ADV boosted its stake in Chevron by 171.3% during the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after buying an additional 149 shares in the last quarter. Finally, GFG Capital LLC acquired a new stake in Chevron during the second quarter worth $42,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Down 1.4%

Shares of NYSE CVX opened at $151.63 on Friday. The stock has a market cap of $262.02 billion, a PE ratio of 19.51, a PEG ratio of 1.98 and a beta of 0.84. The business has a fifty day moving average of $156.15 and a two-hundred day moving average of $148.79. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. During the same period in the previous year, the business posted $2.55 earnings per share. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, equities research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s payout ratio is currently 88.03%.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CVX shares. Piper Sandler lifted their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. UBS Group lifted their price target on shares of Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Raymond James Financial reiterated an “outperform” rating on shares of Chevron in a research note on Friday, August 1st. Mizuho cut their price objective on Chevron from $192.00 to $191.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Finally, Melius initiated coverage on Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $165.40.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.